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七日畅销榜
新书热卖榜Is The NFL Too Big To Fail? : NPR
Is The NFL Too Big To Fail?
3 min 30 sec
The NFL has had a lot of bad press lately. But it doesn't seem to have any impact on sponsors or fans.
AJ Mast/AP
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AJ Mast/AP
The NFL has had a lot of bad press lately. But it doesn't seem to have any impact on sponsors or fans.
AJ Mast/AP
There has been a crowded docket in our preeminent sport. Let's take just three cases. The defendants: the NFL, Roger Goodell and football itself.
The NFL first. If American banks, which nobody likes, are too big to fail, then the NFL, which everybody likes, is too popular to fail. Probably too big by now too. Despite all the negative news recently, has it really been damaged? Why, one of its smallest franchises, the Buffalo Bills, just drew a record price. Do you see any indication that fans have, in disgust, turned to Gilligan's Island reruns Sunday afternoons? Not to mention Thursday, Sunday and Monday nights.
Long ago Walter Winchell used to address his radio audience: Mr. and Mrs. America and all the ships at sea. Well, Mr. and Mrs. NPR and all the planes in the air: Do you have any friends who have sworn off watching NFL games? Have you?
Verdict: guilty on all counts. As punishment, by popular demand, we sentence the NFL to more playoff games for us to watch.
Next up for trial: Roger Goodell. He, the boyish blond, with a s lifetime league functionary, promoted to a $40 million-a-year position thanks to the Peter Principle. Back more than a year ago I said here that he wasn't up to the job. It's only become more obvious since. Long before he was "ambiguous" about what might have happened to Ray Rice's fiancee on that elevator, he was disingenuous about his sport's dangers, ignorant of team bullying and team bounties. He doesn't even have the courage to tell the owner of the Washington franchise that his team's nickname is racist.
Verdict: guilty on all counts. The court hereby orders the NFL to hire someone from outside the football family of stature, honor and sensitivity to be the new commissioner.
And lastly on trial this morning: football itself. A new study shows that almost one-third of NFL players will suffer long-term cognitive problems. Granted, that's professionals, but obviously younger brains are at jeopardy on all gridirons. What mother or father can any longer willfully allow a son to play such a game with such odds?
Verdict: Football is dangerous to your brain.
The court orders that some brave college conference with high academic standards — like the New England Small College, the Midwest, the North Coast, the Southern California IAC — have the courage to lead the way and drop football.
That's called a no-brainer.
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Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem---and Themselves
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Andrew Ross Sorkin delivers the first true behind-the-scenes, moment-by-moment account of how the greatest financial crisis since the Great Depression developed into a global tsunami. From inside the corner office at Lehman Brothers to secret meetings in South Korea, and the corridors of Washington, Too Big to Fail is the definitive story of the most powerful men and women in finance and politics grappling with success and failure, ego and greed, and, ultimately, the fate of the world’s economy. “We’ve got to get some foam down on the runway!” a sleepless Timothy Geithner, the then-president of the Federal Reserve of New York, would tell Henry M. Paulson, the Treasury secretary, about the catastrophic crash the world’s financial system would experience. Through unprecedented access to the players involved, Too Big to Fail re-creates all the drama and turmoil, revealing never disclosed details and elucidating how decisions made on Wall Street over the past decade sowed the seeds of the debacle. This true story is not just a look at banks that were “too big to fail,” it is a real-life thriller with a cast of bold-faced names who themselves thought they were too big to fail.
"...comprehensive and chilling..." -The New Yorker
"Sorkin's prodigious reporting and lively writing put the reader in the room for some of the biggest-dollar conference calls in history. It's an entertaining book, brisk book...Sorkin skillfully captures the raucous enthusiasm and riotous greed that fueled this rational irrationality."
-BusinessWeek
"...meticulously researched...told brilliantly. Other blow-by-blow accounts are in the works. It is hard to imagine them being this riveting."
-Financial Times
"Sorkin's book, like its author, is a phenom...an absolute tour de force."
-The Atlantic Monthly
"Andrew Ross Sorkin has written a fascinating, scene-by-scene saga of the eyeless trying to march the clueless through Great Depression II."
"Sorkin can write. His storytelling makes "Liar's Poker" look like a children's book."
-SNL Financial
Andrew Ross Sorkin is the award-winning chief mergers and acquisitions reporter for The New York Times, a columnist, and assistant editor of business and finance news. He is also the editor and founder of DealBook, an online daily financial report. He has won a Gerald Loeb Award, the highest honor in business journalism, and a Society of American Business Editors and Writers Award. In 2007, the World Economic Forum named him a Young Global Leader.
Standing in the kitchen of his Park Avenue apartment, Jamie Dimon poured himself a cup of coffee, hoping it might ease his headache. He was recovering from a slight hangover, but his head really hurt for a different reason: He knew too much.
It was just past 7:00 a.m. on the morning of Saturday, September 13, 2008. Dimon, the chief executive of JP Morgan Chase, the nation&s third largest bank, had spent part of the prior evening at an emergency, all-hands-on-deck meeting at the Federal Reserve Bank of New York with a dozen of his rival Wall Street CEOs. Their assignment was to come up with a plan to save Lehman Brothers, the nation&s fourth-largest investment bank&or risk the collateral damage that might ensue in the markets.
To Dimon it was a terrifying predicament that caused his mind to spin as he rushed home afterward. He was already more than two hours late for a dinner party that his wife, Judy, was hosting. He was embarrassed by his delay because the dinner was for the parents of their daughter&s boyfriend, whom he was meeting for the fi rst time.
&Honestly, I&m never this late,& he offered, hoping to elicit some sympathy.
Trying to avoid saying more than he should, still he dropped some hints about what had happened at the meeting. &You know, I am not lying about how serious this situation is,& Dimon told his slightly alarmed guests as he mixed himself a martini. &You&re going to read about it tomorrow in the papers.&
As he promised, Saturday&s papers prominently featured the dramatic news to which he had alluded. Leaning against the kitchen counter, Dimon opened the Wall Street Journal and read the headline of its lead story: &Lehman Races C Crisis Spreads.&
Dimon knew that Lehman Brothers might not make it through the weekend. JP Morgan had examined its books earlier that week as a potential lender and had been unimpressed. He also had decided to request some extra collateral from the firm out of fear it might fall. In the next twenty four hours, Dimon knew, Lehman would either be rescued or ruined.
Knowing what he did, however, Dimon was concerned about more than just Lehman Brothers. He was aware that Merrill Lynch, another icon of Wall Street, was in trouble, too, and he had just asked his staff to make sure JP Morgan had enough collateral from that firm as well. And he was also acutely aware of new dangers developing at the global insurance giant American International Group (AIG) that so far had gone relatively unnoticed by the public&it was his firm&s client, and they were scrambling to raise additional capital to save it. By his estimation AIG had only about a week to find a solution, or it, too, could falter.
Of the handful of principals involved in the dialogue about the enveloping crisis&the government included&Dimon was in an especially unusual position. He had the closest thing to perfect, real-time information. That &deal flow& enabled him to identify the fraying threads in the fabric of the financial system, even in the safety nets that others assumed would save the day.
Dimon began contemplating a worst-case scenario, and at 7:30 a.m. he went into his home library and dialed into a conference call with two dozen members of his management team.
&You are about to experience the most unbelievable week in America ever, and we have to prepare for the absolutely worst case,& Dimon told his staff. &We have to protect the firm. This is about our survival.&
His staff listened intently, but no one was quite certain what Dimon was trying to say.
Like most people on Wall Street&including Richard S. Fuld Jr., Lehman&s CEO, who enjoyed one of the longest reigns of any of its leaders&many of those listening to the call assumed that the government would intervene and prevent its failure. Dimon hastened to disabuse them of the notion.
&That&s wishful thinking. There is no way, in my opinion, that Washington is going to bail out an investment bank. Nor should they,& he said decisively. &I want you all to know that this is a matter of life and death.
I&m serious.&
Then he dropped his bombshell, one that he had been contemplating for the entire morning. It was his ultimate doomsday scenario.
&Here&s the drill,& he continued. &We need to prepare right now for Lehman Brothers fi ling.& Then he paused. &And for Merrill Lynch filing.& He paused again. &And for AIG fi ling.& Another pause. &And for Morgan Stanley filing.& And after a final, even longer pause he added: &And potentially for Goldman Sachs filing.&
There was a collective gasp on the phone.
As Dimon had presciently warned in his conference call, the following days would bring a near collapse of the financial system, forcing a government rescue effort with no precedent in modern history. In a period of less than eighteen months, Wall Street had gone from celebrating its most profitable age to finding itself on the brink of an epochal devastation.
Trillions of dollars in wealth had vanished, and the financial landscape was entirely reconfigured. The calamity would definitively shatter some of the most cherished principles of capitalism. The idea that financial wizards had conjured up a new era of low-risk profits, and that American-style financial engineering was the global gold standard, was officially dead.
Reprinted by arrangement with Viking, a member of Penguin Group (USA) Inc., from Too Big to Fail by Andrew Ross Sorkin.
Copyright & 2009 by Andrew Ross Sorkin.
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